Gold is squeezed in the channel

Gold is squeezed in the channel

On the daily chart of gold, quotes approached the lower border of the upward trading channel. A successful test of the support with the subsequent breakout of the neckline of the Head and shoulders pattern located near $1,230 may result in a quotes' downfall towards $1,210 and $1,190.

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On the hourly chart of gold, the Head and Shoulders pattern has worked out. There is a change in the short-term trend or a pullback within the near-term upward trend. A rollback from $1,255 and $ 1, 260 levels may result in the opening of short positions.

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